Introducing The AGI-le Investor

After more than two decades investing across private equity, digital infrastructure, and technology — first at Apax Partners, then Terra Firma, Nomura, and Ardian, and now at Lensbridge Capital — I have accumulated a set of convictions about where the most significant investment opportunities of the next decade will be found. I have shared those convictions with the investors, operators, and advisors I work with directly. With this series, I intend to share them more broadly.

The AGI-le Investor is a thought leadership series focused on two intersecting themes: artificial intelligence and digital infrastructure. I chose the name deliberately. AGI — artificial general intelligence — represents the long-term destination of the AI research agenda, a system capable of performing any intellectual task that a human can. Whether or not we reach AGI in our investment lifetimes is genuinely uncertain. What is not uncertain is that the pursuit of increasingly capable AI systems will require an enormous and sustained build-out of the physical infrastructure that supports them: data centres, networking, power, and the semiconductor supply chains that feed them all.

The series will cover a range of topics within these themes. I will write about the macroeconomic forces shaping digital infrastructure investment — interest rates, geopolitics, energy policy, and the regulatory frameworks that govern data sovereignty. I will write about the private capital strategies best suited to accessing this opportunity — direct investments, secondaries, co-investments, and the GP-led structures that are reshaping how institutional capital flows into private markets. And I will write about the specific markets, asset types, and companies that I find most compelling, drawing on Lensbridge's experience as both a principal investor and an investment advisor across Asia Pacific and globally.

My aim is not to produce a newsletter that summarises what others have already written. There is no shortage of that. My aim is to offer the perspective of a practitioner who has spent his career at the intersection of capital and technology — someone who has sat on both sides of the table in transactions worth more than US$5 billion, and who brings to each investment decision a framework built on direct experience rather than theoretical models. I hope you find it useful. I look forward to the conversation.